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Audit, which over 150 years has demonstrated high potential as an instrument for shareholders and other users to provide reliable financial reporting, at the beginning of the 21st century faces new challenges. These challenges include increased fraudulent misstatement of the financial statements. In article the extent of objectively existing restrictions and the ability to use audit in changed conditions for confront the negative trends are examined. It is noted that there is deepened contradictions between the increased requirements for auditor responsibility for not detecting fraud and decrease of the role of moral-ethical foundations of audit activities. Palliative care is offered for this contradiction by an auditor in respect of fraudulent distortion reporting views in negative form with an average level of confidence, as the relevant collected evidence. Defined the future direction of the transformation of the audit in the conditions of development and implementation in business practice of digital technology. Keywords: fraud, unlawful activity, the risk of material misstatement, prerequisites

Problems of Identification and Evaluation of Materiality of Fraudulent Distortion of Financial Statements Auditing Process